Terra’s Bankruptcy and Community Voting
This week, Terraform Labs (TFL), the company behind the Terra USD stablecoin, filed for bankruptcy. As a result, Crypto.com announced that it will be delisting the LUNC token, causing concern among the Terra Luna Classic community.
Despite this, the community voted in favor of two proposals: “Consistently set ICA Controller Parameter” and “L1TF Terra Classic core security upgrade package.” However, the latter proposal faced opposition from some members, leading to a roadblock.
In more positive news, the burn of Terra Luna Classic tokens reached 95 billion, surpassing Binance’s monthly burn mechanism.
Bitcoin ETFs and Market Volatility
The introduction of spot Bitcoin ETFs caused significant volatility in the market. Bitcoin saw outflows of $25 million as traders reacted to the new investment option. CoinShares also reduced its physical Bitcoin fees in Europe to compete with Invesco and WisdomTree.
Meanwhile, BlackRock, Fidelity, and Bitwise emerged as leaders in the U.S. ETF race. On the other hand, Grayscale experienced outflows but at a decreasing rate over time.
During this period, Bitcoin’s price fluctuated greatly, experiencing a pullback to $38K before recovering to around $41K.
Legal Battles Involving U.S. SEC
The U.S. SEC responded to Ripple’s remedies-related discovery requests by stating that they are procedurally proper. The regulatory body also sought penalties from Ripple. Additionally, in a lawsuit against Binance, the SEC cited Zakinov vs Ripple Labs as a reference.
Ripple sent a letter to Magistrate Judge Sarah Netburn addressing what they believe are significant mischaracterizations by the U.S. SEC.
Hot Take: Tidal Waves of Speculation in the Crypto Market
This week’s developments in the crypto market, including Terra’s bankruptcy, Bitcoin ETFs, and the U.S. SEC’s legal battles, have ignited a wave of speculation among enthusiasts. As the market continues to evolve and face new challenges, it is important to stay informed and navigate these developments with caution. Keep an eye on the latest news and updates to make informed decisions in this dynamic industry.
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